We did it!
A huge shout out to the Onessus & HodlGod community for waiting for WhenStaking.com – the ultimate NFT staking protocol. We recently told you it was imminent and here it is!
Check it out. WhenStaking.com
WhenStaking is Onessus’ much-anticipated foray into the NFT marketplace arena. And this will be no ordinary NFT platform. WhenStaking is our premier, exclusive NFT staking protocol, opening up entirely new doors to what is possible with NFT staking.
We are innovative. We like to make things that are never-before-seen and that push the boundaries of possibilities. WhenStaking is a truly unique creation and there is nothing on the market like it. It is a gamified NFT marketplace and staking protocol that we hope will take NFTs to the very next level. Check out our quick Tutorial Video Part 1 to get a glimpse of how it all works.
Aaand LIFT OFF!
As a lot of what we are doing is entirely new, we thought it best to describe how WhenStaking will work and what you can expect through pre-emptive-FAQs (questions we imagine we might be asked). Here goes…
What is WhenStaking, In a Nutshell?
WhenStaking is an NFT staking protocol that will be home to quite a variety of NFTs from both Onessus’ suite of products, partner/collab NFTs, and more to come. It will be highly selective. In order to maximise value for our community and uphold the highest of standards, we’ll be approving only those projects we consider the best in quality to integrate with the protocol.
While there will be a variety of NFTs on WhenStaking, they will all share some common utility: they can be burned, lent, and will allow hodlers to stake VOID to them to level up their value and their potential to generate passive returns.
How Do I Stake an NFT on WhenStaking?
The process of staking an NFT with WhenStaking is outlined here. First, an APR of an NFT will be determined based on a number of factors. The collection, rarity, and average price will be used to calculate a base APR and a base staking capacity. Higher rarity and higher priced NFTs from more valued collections will have higher APRs and higher base staking capacity.
All NFTs integrated with WhenStaking will have a level, from 1 to 50. NFTs can level up with experience. Experience is calculated from the amount of VOID staked and the time an NFT is staked. The higher the VOID backing the NFT and the longer it is staked, the higher the yield. As NFTs level up in value, their base staking capacity increases – meaning NFTs staked for a long time will continue levelling up if the hodler continues to increase their VOID backing.
When you stake an NFT, you get your VOID yield paid out immediately and a clone of the NFT: a Lease NFT.
What Are Lease NFTs?
When you stake an NFT, you get the yield up front and a clone of the NFT that we’re calling a “Lease NFT”. The Lease NFT mechanism is in place to facilitate lending. Lease NFTs can be sold on the secondary marketplace, but what must be remembered is that Lease NFTs have an expiry, based on how long the original NFT is being staked for. So a Lease NFT’s yield will be bound by the time remaining to the expiry date.
There are two reasons why Lease NFTs might be valuable to other hodlers to buy. Firstly, Lease NFTs can be leveraged to take advantage of left over VOID staking capacity that the original NFT owner did not use. For example, if the original NFT hodler stakes 1,000 VOID tokens to it, and it has a staking capacity of 2,000 VOID tokens, the owner of the Lease NFT can stake the extra 1,000 VOID tokens to it, and earn a yield up to its expiration date.
The second reason someone may want to buy a Lease NFT is that they can be used for whatever utility the original NFT has. As an example, a Lease NFT of a HodlGod bounty contract can be used in-game just the same as the original bounty contract NFT.
Can I Burn My NFT as Well as Stake It?
Yes. NFTs can be burned to instantly liquidate their underlying VOID tokens, but you’ll only get approximately half of the NFT’s VOID value, depending on the NFT. Only by selling on the marketplace or by staking can you capture the full VOID value backing the NFT.
Staking NFTs gives WhenStaking its unique appeal and brings utility to all NFTs integrated with the protocol. While other NFT platforms can be static, WhenStaking is a completely dynamic protocol. NFTs can be staked, lent, leveled up, and burned. Fueled by $VOID, WhenStaking allows NFT hodlers to earn yield from their tokens and increase those yields as they level up their NFTs.
What is the APR I Can Expect to Earn?
The APR for each NFT will be 80%. This is a first month boost for our loyal community, and it is subject to change over time. It is also important to bear in mind that the VOID staking mechanics will make this around 40% in true returns.
For example, if you have an NFT worth $600, at an APR of 80%, you will earn a yield of $480. But you will also need to stake an equivalent amount of VOID tokens ($600) along with the NFT.
There is a base staking capacity of 40K VOID, so NFTs worth less than that will not be stakeable. We are working on setting up blending events where hodlers can combine lower priced NFTs into more expensive ones.
We expect there will be more frequently asked questions than we can possibly predict, so over time we’ll address these as they arise. Feel free to reach out to us on the Onessus Discord to ask any questions you may have.
Endless Possibilities in the Future
Please bear in mind: the protocol is in beta and there will be many enhancements and improvements over time as we develop it further.
For example, the WhenStaking protocol also allows for the integration of cool events in the future, like double yield weekends. Over the long term, we plan to expand to accommodate other networks, bridging NFTs from all over the cryptosphere, expanding beyond WAX.
We have crafted WhenStaking to create a new standard for the industry. Static NFT marketplaces are great. But we want to take the sector one giant step further. WhenStaking is a beast: a protocol powered to do things and create opportunities that haven’t been seen before.
We’re pretty proud to unveil it, too. At Onessus we have always been committed to genuine innovation, so any NFT staking protocol we developed had to be in line with that focus.
With support from the community, WhenStaking will thrive. We’ve already had many submissions from NFT creators seeking to have their work integrated with the protocol. We are seeking only the best of the best.
We’re here to bring fresh and exciting ideas to the space and to push boundaries. That’s in Onessus’ DNA.
And we’re confident WhenStaking will become emblematic of that.
Don’t forget to keep in touch through our socials and our website for more updates:
See you and your NFTs over at the WhenStaking protocol!!